The 2024 budget, which has been tagged the “Budget of Renewal,” is aimed at revitalizing key infrastructure and improving social amenities in the state. Sanwo-Olu highlighted that the budget would focus on sustaining the state’s economic growth, expanding opportunities for all citizens, and creating a conducive environment for businesses to thrive.
The breakdown of the budget shows that N1.39 trillion, representing 62% of the total budget, is allocated for capital expenditure, while N857 billion, representing 38%, is earmarked for recurrent expenditure. This shows the government’s focus on executing key projects that will enhance the state’s socio-economic development.
In his speech, Governor Sanwo-Olu emphasized the need for prudent financial management, accountability, and transparency in the utilization of the budget. He also assured that the government would continue to prioritize the welfare of the citizens and provide the necessary infrastructure for a better quality of life.
The governor further highlighted that the budget would prioritize key sectors such as education, healthcare, transportation, housing, and security, with the aim of improving the overall well-being of the people. He also stressed the importance of public-private partnerships in driving the state’s development agenda.
In response to the presentation, the Speaker of the State House of Assembly, Rt. Hon. Mudashiru Obasa, commended the governor for his commitment to the development of the state and assured that the Assembly would conduct a thorough review of the budget proposal.
The presentation of the 2024 budget of renewal marks another milestone in the efforts of the Lagos State government to ensure sustainable development and inclusive growth for the people of the state. It is expected that the budget will undergo rigorous scrutiny by the Assembly before it is eventually passed into law for implementation.
